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<SEC-DOCUMENT>0001144204-09-014492.txt : 20090317
<SEC-HEADER>0001144204-09-014492.hdr.sgml : 20090317
<ACCEPTANCE-DATETIME>20090317135807
ACCESSION NUMBER:		0001144204-09-014492
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20090317
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20090317
DATE AS OF CHANGE:		20090317

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Intelli Check Mobilisa, Inc
		CENTRAL INDEX KEY:			0001040896
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		IRS NUMBER:				113234779
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-50296
		FILM NUMBER:		09687449

	BUSINESS ADDRESS:	
		STREET 1:		246 CROSSWAYS PARK WEST
		CITY:			WOODBURY
		STATE:			NY
		ZIP:			11797
		BUSINESS PHONE:		516-992-1900

	MAIL ADDRESS:	
		STREET 1:		246 CROSSWAYS PARK WEST
		CITY:			WOODBURY
		STATE:			NY
		ZIP:			11797

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTELLI CHECK INC
		DATE OF NAME CHANGE:	19990917
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17, 2009, the Company held an investor&#8217;s conference call releasing the
preliminary results of the fourth quarter and fiscal year ended December 31,
2008 subject to the completion of the audit and the review of
goodwill.&#160;&#160;This Current Report on Form 8-K includes a copy of the
script of the comments made by Management as Exhibit 99.1.</font></div>
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information in this Report, including the exhibit, shall not be deemed to be
&#8220;filed&#8221; for the purposes of Section 18 of the Securities Exchange Act of 1934,
as amended, or otherwise subject to the liabilities of that Section. &#160;It
shall not be deemed incorporated by reference in any filing under the Securities
Act of 1933, as amended, except as shall be expressly set forth by specific
reference in such a filing.</font></div>
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            <td align="left" valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="58%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr>
            <td align="left" valign="top" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">99.1</font></div>
            </td>
            <td align="left" valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="58%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Script
      of conference call comments.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SIGNATURES</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.</font></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="top" width="49%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
      </font></td>
            <td colspan="2" valign="top" width="51%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">INTELLI-CHECK
      &#8211; MOBILISA, INC.</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="49%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
      </font></td>
            <td align="left" valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:</font></div>
            </td>
            <td align="left" valign="top" width="47%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline">/s/ Peter J. Mundy</font></font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="49%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
      </font></td>
            <td align="left" valign="top" width="47%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Name:
      Peter J. Mundy</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="49%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
      </font></td>
            <td align="left" valign="top" width="47%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Title:&#160;&#160;Vice
      President Finance &amp; CFO</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dated:&#160;&#160;March
17, 2009</font></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">2&#160;
</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibit
Index</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="top" width="16%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Exhibit</font></div>
              </div>
            </td>
            <td valign="top" width="84%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Description</font></div>
              </div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="16%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="84%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr>
            <td align="left" valign="top" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">99.1</font></div>
            </td>
            <td align="left" valign="top" width="84%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Script
      of conference call
comments.</font></div>
            </td>
          </tr>
      </table>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>v143158_ex99-1.htm
<TEXT>
<html>
  <head>
    <title>Unassociated Document</title>
    <!--Licensed to: Vintage Filings-->
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    <!--Copyright 1995 - 2008 EDGARfilings, Ltd., an IEC company. All rights reserved-->
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    <div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibit
99.1</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman">Script
&#8211;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman">Q4
and End of Year 2008 Conference Call - 17 March 2009</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 91px">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Operator:</font></font></div>
              </td>
              <td width="753">
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;Good
      day and welcome to the Intellicheck Mobilisa&#8217;s 2008 4<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">th</font>
      Quarter and End of Year Conference Call.&#160;&#160;Today&#8217;s conference is
      being recorded.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">At this
time, I would like to turn the conference over to Mr. John Lange, General
Counsel for Intellicheck Mobilisa.&#160;&#160;Please go ahead.</font></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 94px">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">John
      Lange:</font></font></div>
              </td>
              <td width="750">
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Thank
      you very much, and welcome everyone.&#160;&#160;Thank you for joining us
      today for our 2008 4<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">th</font>
      Quarter and End of Year Conference Call to discuss Intellicheck Mobilisa&#8217;s
      results for the fiscal quarter ending December 31, 2008 and to discuss
      other business developments.&#160;&#160;In a moment, I will call upon our
      CEO to lead today&#8217;s call and introduce the other members of the
      Intellicheck Mobilisa management team who will be participating in today&#8217;s
      conference call.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Forward
Looking Statement)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Before I
do that, I will take a few minutes to read the forward-looking
statement.&#160;&#160;Certain statements in this conference call constitute
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995 as amended.&#160;&#160;When used in this
conference call, words such as will, believe, expect, anticipate, encouraged,
and similar expressions as they relate to the company or its management, as well
as assumptions made by, and information currently available to the company&#8217;s
management, identify forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995.&#160; These forward-looking
statements are based on management&#8217;s current expectations and beliefs about
future events. As with any projection or forecast, they are inherently
susceptible to uncertainty and changes in circumstances, and the Company is
under no obligation to, and expressly disclaims any obligation to, update or
alter its forward-looking statements whether as a result of such changes, new
information, subsequent events or otherwise.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Additional
information concerning forward-looking statements is contained under the heading
of risk factors listed from time-to-time in the company&#8217;s filings with the
Securities and Exchange Commission.</font></div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
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          </div>
        </div>
        <div id="HDR">
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</font></div>
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      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">With that
out of the way, I would now like to introduce Dr. Nelson Ludlow, Intellicheck
Mobilisa&#8217;s Chief Executive Officer, to preside over today&#8217;s call.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Nelson
Ludlow:</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>Good
Afternoon and Good Morning to our West Coast shareholders.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Introductions)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On the
call with me today is Steve Williams, our Chief Operating Officer, and Pete
Mundy, our Chief Financial Officer, and Mr. John Lange, General
Counsel.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">(Immediate Notification of no PR or
10-K filing status)</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Let me
say upfront we did not put out an earnings press release or file the 10-K this
morning.&#160;&#160;This is because we are in discussions with our audit firm
looking into the potential of write-down of goodwill because our &#8220;market cap,&#8221;
as with many other companies, is currently below the book-value.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
recently hired an outside expert firm to conduct a new valuation of our
company.&#160;&#160;There are many factors to determine if impairment is
warranted, and I thought it was better to take the time to get this
right.&#160;&#160;But at the same time still hold this conference call with our
shareholders to answer any questions and to talk about recent
progress.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We expect
to file the 10-K and hold an additional conference call at 1pm Eastern Time on
Friday, March 26, 2009.&#160;&#160;At that time, we will address specific
financials and address any questions concerning a write-down of goodwill, if
that is what we decide to do.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(CEO
Overview)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
today&#8217;s call, we will discuss our revenue, which though undistinguished for Q4,
did set a record for the yearly revenue.&#160;&#160;Our company continued to
make money, growing our cash and cash equivalent position to approximately
$3.4M.&#160;&#160;We will also talk about a new product we are about to release,
additions to the Sales Team, hiring an Investor Relations Firm, award of a new
patent, and the status of our business development.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">What we
won&#8217;t be able to talk about today is specific Profit and Loss, as we have not
determined the non-cash expenses because of the goodwill write-down
decision.&#160;&#160;We will give those numbers on March 26<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">th</font>.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">While all
previous quarter&#8217;s revenue exceeded my internal projections, Q4 was
less.&#160;&#160;The change-over of the Government Administration slowed
government sales during the transition.&#160;&#160;Awaiting our Authority to
Operate Certification, and our ability to install quickly late Q3 contracts,
that in the past would post in Q4, were possible contributors.</font></div><br>
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        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div><br>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">YTD
Revenue was approximately $10M and when you add in the Mobilisa pre-merger
revenue, it brings us to over $11M.&#160;&#160;Even including a watershed 4<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">TH</font> Quarter
for Mobilisa by itself in 2007, compared to undistinguished Q4 this year, we, as
a combined company, outperformed last year and grew our revenues by nearly
10%.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
brought in more money than we spent in Q4, and also closed the year in the same
situation.&#160;&#160;We turned around from using $2.2M in cash in operations
last year, to generating positive cash of over $800K this year for a nearly $3M
swing in just over 9 months.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
improved our position in cash as well.&#160;&#160;As you know, to me, one of the
best indicators of a company is what I call a health number, which is the cash
(and cash equivalent) plus Accounts Receivable minus Accounts
Payable.&#160;&#160;While this is not a GAAP number, it is useful to us to
determine whether our business is moving in the right
direction.&#160;&#160;&#160;In a healthy company that number should go
up.&#160;&#160;The management team has improved the Health number every quarter
and this was true for Q4 also.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Therefore,
we had no burn of cash this quarter.&#160;&#160;In fact, Cash and investments at
the end of the quarter were up and closed at 31 December at $3.4M, up from 30
September of $2.3 million.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Since Q4,
we have received an Army-wide ATO and we have hired two key people in our Sales
Team.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ms. Debi
Bainbridge and Mr. Ryan Anderson are two new senior people in commercial
Sales.&#160;&#160;Ms. Bainbridge is working on commercial sales to replicate our
instant credit card approval systems at other commercial retailers, like we did
for LL Bean and Target, while Mr. Anderson is leading the business development
of a new product for Rapid Check In at Hotels by using a Drivers
License.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
promised on our last call, we have engaged an Investor Relations firm, that I
have high confidence in&#8212;Investor Relations Group or IRG led by Dr. Dian
Griesel.&#160;&#160;Also Vice Admiral Kevin Moran and Mr. John McGonagle
formerly of AMEX, are key members of IRG.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We are
also pleased to announce a sale of our Defense ID system to a commercial company
of Force Protection or NASDAQ:FRPT to help protect the critical plants building
military vehicles, and also today&#8217;s announcement of our partnership with Georgia
Technology Authority or GTA to provide an online tool offered by the State of
Georgia that provides a simple, instant solution to stop anyone using a
fraudulent Georgia drivers license or identification card to access
services.&#160;Businesses can verify drivers&#8217; license information against the
state database to prevent fraud,&#160;minimize loss and document verification
when anyone presents a Georgia Drivers License.</font></div>
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      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Also, we
received a new patent for Identity Systems from the US Patent office that was
just awarded.&#160;&#160;We have over 10 other applications of various forms in
the works for filing for new Intellectual Property.&#160;&#160;Increased company
value is often linked to new IP.&#160;&#160;You will see that we are adding
emphasis on IP.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I view
this conference call as a good opportunity to address questions and tell you
about the customers and projects we are working.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">First,
I&#8217;ll let Pete Mundy, our CFO give you more bit more color on this quarter&#8217;s
financials.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Pete
Mundy:</font>&#160;&#160;Thank you Nelson.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Financials)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As Nelson
has stated, we are currently in the final stages of our audit, which had been
delayed because of the ongoing evaluation of the carrying value of our goodwill,
which was precipitated by the decline in the Company&#8217;s stock price towards the
end of the year and as well as the continued drop in our market price subsequent
to year end.&#160;&#160;We are performing our analysis of impairment of goodwill
in accordance with Statement of Financial Accounting Standards (SFAS) 142
"Goodwill and Other Intangible Assets" which is done annually as of December 31
each year.&#160;&#160;&#160;The computation of the potential write down
is&#160;&#160;based on a discounted cash flow analysis supported by comparative
market multiples to determine the fair values of our business unit versus its
book value.&#160;&#160;The computations are complex and any changes in the
assumptions used could result in significant swings in the computed fair
values.&#160;&#160;Therefore, as Nelson stated we want to take the appropriate
time to get this right.&#160;&#160;It is important to note, however, that any
goodwill write-downs are non-cash charges and do not impact the Company's normal
business operations.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">That
being said, we would like to discuss the unaudited results for 2008, subject to
the finalization of the audit and the results of the goodwill impairment
review.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I would
like to point out that the information I am going to address, include the
results of Mobilisa for the period March 15, 2008 through December 31, 2008,
since the merger was completed on March 14, 2008.</font></div><br>
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        </div>
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        </div>
      </div><br>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For the
year ended December 31, 2008, revenues increased by 283%, or $9,955,000, from
$3,512,000 for the year ended December 31, 2007. Revenues from the Company&#8217;s
historical business increased 12% to $3,951,000 and Mobilisa&#8217;s revenues
contributed $6,004,000.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As of
December 31, 2008, our backlog, which represents non-cancellable sales orders
for products not yet shipped or services to be performed, was approximately
$11.3 million, compared to $1.9 million as of December 31, 2007.&#160;&#160;This
significant increase is principally a result of backlog from
Mobilisa.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Approximately
$6.8 million of the current backlog could be recognized over one to three
years.&#160;&#160;Mobilisa has a significant amount of multi-year research and
development contracts with the U.S. government that will be recognized as the
research is performed.&#160;&#160;In the Commercial ID market, the actual
recognition periods are determined depending upon the release dates by the
customer.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our gross
profit as a percentage of revenues amounted to 73.0% for the year ended December
31, 2008 compared to 60.4% for 2007.&#160;&#160;The gross profit percentage
increase in 2008 was the result of a change in product mix.&#160;&#160;The
increase in the margin was principally a result of the high-margin Mobilisa
revenues in the quarter including R&amp;D contracts where the related labor
costs are included in research and development costs.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
operating expenses increased by $3,249,000 or 65.6 percent to $8,205,000 for
2008, compared to $4,956,000 for 2007.&#160;&#160;Expenses in the year ended
December 31, 2008 include $3,573,000 of Mobilisa costs as well as merger-related
intangible amortization costs of $1,287,000.&#160;&#160;So, on a comparative
basis, Intelli-Check's historical operating costs decreased by
$1,611,000.&#160;&#160;This reduction is principally a result of merger related
synergy savings, including reductions in headcount, reductions in sales and
marketing expenses and lower legal and consulting fees.&#160;&#160;Selling
expenses were $1,574,000 in 2008 compared to $1,535,000 in
2007.&#160;&#160;General and administrative expenses were $4,301,000 in 2008
compared to $2,333,000 in 2007 and research and development fees were $2,330,000
in 2008 compared to $1,088,000 in 2007.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Interest
income decreased from $162,000 for the year ended December 31, 2007 to $61,000
for the same period in 2008, which is a result of a decrease in our cash and
short term investments, as well as lower interest rates received on investments
during 2008.</font></div><br>
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      </div><br>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As a
result of the factors noted above, our net loss decreased 66.7% to $890,000 for
the year ended December 31, 2008 from $2,673,000for the year ended December 31,
2007. Once again, this is before the impact of any necessary write down of
goodwill.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Revenues
for the quarter ending December 31, 2008 increased 207 percent to $2,553,000
compared to $1,230,000 for the previous year.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our gross
profit percentage increased to 72.2 percent for the fourth quarter of 2008
compared to 58.2 percent in the fourth quarter of 2007.&#160;&#160;The gross
profit percentage increase in 2008 was the result of a change in product
mix.&#160;&#160;Once again, the increase in the margin was principally a result
of the high-margin Mobilisa revenues in the quarter.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
operating expenses, which consist of selling, general and administrative and
research and development expenses, increased by $1.1 million or 98 percent to
$2,229,000 for the fourth quarter of 2008, compared to $1,126,000 for the fourth
quarter of 2007.&#160;&#160;Expenses in the fourth quarter of 2008 include
$1,096,000 of Mobilisa costs as well as merger-related intangible amortization
costs of $408,000.&#160;&#160;So, on a comparative basis, Intelli-Check's
historical operating costs decreased by $401,000.&#160;&#160;This reduction in
expenses is principally attributable the same items described above. Selling
expenses were $402,000 in 2008 compared to $374,000 in 2007.&#160;&#160;General
and administrative expenses were $1,188,000 in 2008 compared to $495,000 in 2007
and research and development fees were $639,000 in 2008 compared to $257,000 in
2007.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Interest
income decreased by $17,000 to $9,000 in 2008 compared to $26,000 in 2007,
principally as a result of lower average invested funds and lower interest
rates.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In the
fourth quarter of 2008, we have not recorded a tax provision due to the expected
utilization of net operating loss carry forwards.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We had a
net loss in the fourth quarter of 2008 of $378,000, prior to the impact of the
Goodwill review compared to a net loss of $385,000 loss for the fourth quarter
of 2007.&#160;&#160;Now, I would like to focus on the Company&#8217;s liquidity and
capital resources:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
financial position is strong.&#160;&#160;At December 31, 2008, we had
approximately $3.4 million in cash and cash equivalents and marketable
securities and short-term investments.&#160;&#160;We have used no bank financing
nor have long term debt.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We had
working capital (defined as current assets less current liabilities) of $2.2
million.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our ratio
of current assets to current liabilities as of the year ended December 31, 2008
was 1.8 to 1.</font></div><br>
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      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">During
2008, the Company increased its cash, marketable securities and short-term
investments by $1,358,000.&#160;&#160;Cash was generated from operation
activities in the amount of $805,000 in 2008 compared to a use of cash in
operations of $2,339,000 in 2007.&#160;&#160;This was primarily a result of a
lower net loss, higher non-cash charges principally from merger related
amortization charges, cash generated by the collection in accounts receivable
and offset by a reduction in non-cash adjustments for stock-based expenses,
reductions in payables and accrued expenses and the payment of Mobilisa&#8217;s
pre-acquisition income tax liability.&#160;&#160;Cash provided by investing
activities in 2008 increased $9,000 to $1,882,000 compared to $1,873,000 in
2007.&#160;&#160;The Mobilisa acquisition brought in $336,000 in cash to the
Company in 2008, which was offset by lower net redemptions of marketable
securities and short term investments and higher net capital
expenditures.&#160;&#160;Cash provided by financing activities increased $89,000
to $321,000 in 2008 compared to $232,000 in 2007, which resulted from an
increase in proceeds from the issuance of common stock from the exercise of
stock options.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Excluding
the cash received from the merger, we generated positive net cash of $1,022,000
during 2008, compared a cash burn of $2,243,000 in 2007.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Previously,
we held a portion of our Marketable Securities and Short Term Investments in
Municipal Auction Rate Securities which experienced liquidity issues during
2008.&#160;&#160;In accordance with an agreement with the New York State
Attorney General, our broker repurchased these securities at full value
including accrued interest in November of 2008.&#160;&#160;At year end,
approximately $2.2 million of the Company&#8217;s excess cash was invested in money
market funds and bank certificates of deposit. The Company&#8217;s investing strategy
is to continue to invest in short term liquid investments with emphasis on FDIC
and SIPC insured protection.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
currently anticipate that our available cash on hand and marketable securities,
as well as the cash from our operations, will be sufficient to meet our
anticipated working capital and capital expenditure requirements for at least
the next 12 months.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I will
now turn it back to Nelson.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Nelson
Ludlow:</font>&#160;&#160;Thank you, Pete.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Business
Development Transition)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We have
converted the company from the Old Intellicheck that was losing money to a new
company that is making money.&#160;&#160;We are a good $10 to $12M a year
revenue company and making money without taking into account non-cash
expenses.&#160;&#160;I want to shift us to the new level, to increases sales, to
get us to the $20 to $25M a year in revenue.&#160;&#160;That likely will be from
both organic and inorganic growth.&#160;&#160;For the organic growth, we want to
beef up the sales team, we must replicate our successful instant credit
application from a Drivers License to other large retailers, win some pilot
projects for the TWIC reader at the sea ports, and continue winning at military
bases and the government, particularly now that we are receiving full Authority
To Operate or ATOs for service wide branches of the military.</font></div><br>
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      </div><br>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">You will
learn that we have a lot of business opportunities in the
works.&#160;&#160;Steve Williams will describe our new projects and business
development.&#160;&#160;Steve.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Steve
Williams:</font>&#160;&#160;Thank you Nelson, We continue to build all three
business units, wireless, government identity, and commercial
identity.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Wireless)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
wireless business unit continues to successfully develop the Floating Area
Network or FAN, the Littoral Sensor Grid or LSG and the Radiation Hazard
modeling software tool or RADHAZ.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
wireless team is working to complete the Floating Area Network system and be the
lead integrator for Consolidate off Ship Wireless Systems supporting Trident
Warrior 2010, a large scale US Navy Exercise. FAN was identified in TW 2008 as
one of the most promising new technologies.&#160;&#160;The integration of our
Floating Area Network identifies the utility of our communications capability
that allows for the integration of existing or yet to be developed hardware into
a single inexpensive communications suites.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Littoral Sensor Grid utilizes the lessons learned during the development of the
Floating Area Network to create an even more robust communications system to
protect the littoral waterways around the globe.&#160;&#160;With our partner,
The University of Washington Advanced Physics Lab, we are creating the world&#8217;s
most advance buoy/communications system that allows for real time monitoring of
anything that is above, on, or below the surface of the water.&#160;&#160;We are
currently on target to deploy an additional 4 buoys by this
summer.&#160;&#160;The first buoy has been operational since last year and you
can see video from the buoy&#8217;s camera as well as the environmental conditions
around the buoy by visiting our website at
buoy.icmoblil.com.&#160;&#160;&#160;In collaboration with Poulsbo Marine Science
Center, we&#8217;ve installed an interactive demonstration to the Littoral Sensor Grid
to bring awareness to both the security and environmental aspects of our
system.</font></div><br>
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      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Radiation Hazard modeling tool or RADHAZ continues to show promise with regards
to expanding our market to areas other than the United States Air
Force.&#160;&#160;We have seen significant interest in the ability to
incorporate the ability to measure the effects of radio frequency on personnel
in a field but to also use our tools to incorporate buildings and lay our output
on Google Earth for an even greater application.&#160;&#160;We continue to
research additional opportunities for both our RF modeling applications
AIRchitect and RADHAZ.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Government
Identity Systems)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
government identity systems have several business development efforts --
continuing in the area of pursuit of the Certification and Accreditation or
Authorities to Operate, pilot projects, and Transportation Workers
Identification Credential (TWIC) reading.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Defense
ID continues to its numerous accreditations and certifications.&#160;&#160;We
have now received the full Certification for both the Navy and most recently the
Army.&#160;&#160;We continue striving to obtain the Marine Corps certification
and we are participating in the Headquarters Marine Corp Annual Information
Assurance Conference next week in Atlanta.&#160;&#160;The significance of the
ATOs is they are required to operate within the Department of Defense and these
accreditations open the way for our Sales force to pursue numerous
opportunities.&#160;&#160;This enables the military installations to purchase
and install Defense ID.&#160;&#160;We added yet another military installation to
our growing list of clients to bring the total of facilities supported to over
70.&#160;&#160;Recurring revenues from subscriptions and supplies continue to
provide a significant portion of our Defense ID sales.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We have
successfully completed a pilot project for the United States Marshalls to
protect Federal Court Houses around the country.&#160;&#160;The pilot involved
the use of our Defense ID system processing individuals entering federal
buildings while identifying wanted felons.&#160;&#160;In the first hours of the
pilot, numerous wanted individuals were identified and several arrests were made
using our system as the screening tool of visitors to the
facility.&#160;&#160;We will continue to pursue this opportunity and expand the
application to other venues.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
participated in the conference at the New York and New Jersey Port Authorities
in New York City.&#160;&#160;This was great exposure for our system as the port
operators saw the need for not only the ability to read the TWIC cards but also
to scan driver licenses.&#160;&#160;This demand is uniquely suited for IDN as
the recognized leader in driver license reading and now the combination of that
capability with our TWIC reading capability allows us to continue as the market
leader.</font></div><br>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Commercial
Identity Systems)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
commercial identity systems continue to focus on Tier 1 retailers, grocers,
casinos, and financial institutions.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
continue with several pilot projects on the credit card application
processes.&#160;&#160;Successful completion of these projects will result in
rollouts to national retailers and theme parks around the
country.&#160;&#160;&#160;We will continue to focus on large retailers for this
type of opportunity.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
casino market also continues to be a significant source of
revenue.&#160;&#160;We recently completed a sale to Mohegan Sun; this is the
largest sale to a casino to date.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
financial institutions create opportunities in a couple of areas with a variety
of form factors from loyalty programs to credit card
applications.&#160;&#160;During this quarter, we completed the GE Finance
program for their event marketing and we are working with our other financial
partners to capture additional business in the credit card market regarding
event market and private credit card issuance.&#160;&#160;In Q4 2008, we
completed deployment of our credit card application solution in both Spanish and
English which creates a new market for our product.&#160;&#160;We had several
large event rollouts: BJ&#8217;s Wholesale Club, Dillards, Belk, and
IKEA.&#160;&#160;This application provides instant credit in a &#8220;kit&#8221; which can
be easily deployed to any retailer or venue.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We have
partnered with a major finance services company and our technology is used in a
&#8220;new bank account setup&#8221; program where it scans a drivers&#8217;
license.&#160;&#160;It is now beyond a pilot phase and is installed at 130
locations across the country. We are planning to use a similar application for
teller transactions. As with the Government Identity System, our current
customers continue to purchase additional or recurring
consumables.&#160;&#160;Recently Toys R Us renewed their annual subscriptions
for their jurisdictional updates and L-1 and Cross Match continue to purchase
IDN&#8217;s patented technology. All business show continued growth and we continue to
streamline expenses.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Thank you
and I&#8217;ll turn it back to Nelson.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Nelson
Ludlow:</font>&#160;&#160;Thank you, Steve.&#160;&#160;We have a lot of business
opportunities in the works.</font></div><br>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;(Summary)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">To recap,
we did not release formal financials today.&#160;&#160;We will by March 27<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">th</font>.&#160;&#160;We
are looking at writing down goodwill as a possibility because of the drop in our
stock price.&#160;&#160;Although our stock price has dropped, we have had record
year in revenue, made money again this quarter, have no long-term debt and
increased our cash and equivalent position to approximately $3.4M.&#160;&#160;We
have added a new product. We added Army Certification and Accreditation to our
others.&#160;&#160;We added a new Investor Relations Firm of
IRG.&#160;&#160;We have added new people to our Sales Team.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Questions)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We would
like address questions you have.&#160;&#160;In respect for the other listeners,
please state your name, organization, and try to clearly and succinctly state
your comment or question.</font></div>
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